Final answer:
The formula that shows the cost of a procedure or service and helps determine the financial value of maintaining certain services is known as Cost Formula or Cost Equation.
Step-by-step explanation:
The formula that shows the cost of a procedure or service and helps determine the financial value of maintaining certain services is known as Cost Formula or Cost Equation. It is commonly used in business and economics to calculate the total cost of a service or product based on various factors such as labor, materials, overhead costs, and profit margin.
For example, let's say the cost formula for a procedure is: Total Cost = (Fixed Cost + Variable Cost) / Units
In this formula, Fixed Cost represents the fixed expenses associated with the procedure, Variable Cost represents the variable expenses that increase with the number of units, and Units represent the quantity of the procedure being performed. By plugging in the appropriate values, you can determine the cost of the procedure.